A person wants to deposit $18,000 per year for 15 years. If interest is earned at the rate of 16% per year, compute the amount to which the deposit will grow by the end of 15 years if;
a) Deposits of $18,000 are made at the end of each year with interest compounded annually.
b) Deposits of $1,500 are made at the end of every month with interest compounded monthly.
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Answer:
A=1000(1+0.04÷4) (4)(3)
Step-by-step explanation:
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